Harbert United States Real Estate Fund V L.P. and ColRich Investments recently announced they have closed on the acquisition of a 480-unit multifamily community in Denver, Colorado.

Located at 2205 South Racine Way, Conifer Creek Apartments is a garden-style apartment community situated in Denver’s Cherry Creek School District. The community features numerous amenities including a 24-hour courtesy patrol for increased security, a business center, a fitness center, jogging trails, and a clubhouse with Wi-Fi access and a billiards table.

ColRich Investments and Harbert United States Real Estate Fund V closed on the property on July 25 and plan to invest an additional $7 million in property upgrades. The comprehensive renovation aims to modernize the interior finishes, resident amenities and the exterior of the property.

The purchase represents the tenth joint venture between ColRich Investments and Harbert United States Real Estate Fund V. The joint ventures have focused mainly on well-located multifamily assets with value-add potential in the high growth markets of Phoenix and Denver.

In other local real estate news, The Denver Business Journal reports Governor John Hickelooper at the Apartment Association of Metro Denver’s 2013 Summer Economic Forecast event, which took place at the Marriott Denver Tech Center, launched a plea to industry experts to seize the moment and capitalize on metro Denver’s apartment building boom. The Association, on the occasion of the event, released its second quarter vacancy and rent report for the metro Denver market area and highlighted the 13-year-low vacancy rate of 4.2 percent. It is also the first time metro Denver’s average rent has exceeded $1,000, reaching $1,022.